# Who are Fortinet's customers? Who does Fortinet earn revenue from?
Canonical: https://valuechain.wiki/fortinet · Facet: customers · Updated: 2026-07-12T03:42:31.323+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Fortinet discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).

### 기업·정부·서비스프로바이더 (포티게이트 방화벽 + FortiGuard 구독) (high)
- metric: Revenue $6,799.6
- note: Product (FortiGate security appliances) revenue of $2,218.4M (+16%) plus Service (FortiGuard security subscriptions and FortiCare support) revenue of $4,581.2M (+13%) drove FY2025 total revenue of $6,799.6M (+14%). By region: Americas 40%, EMEA 42%, APAC 18%. FortiASIC (SPU) powered FortiGate leads the network security appliance space.
- [confirms] Public.com (EN, research, published 2026-05-15) https://public.com/stocks/ftnt/forecast-price-target: "A large 2026-2027 hardware firewall refresh cycle plus Unified SASE acceleration lift revenue from $6.80B in 2025 toward ~$7.6B in 2026; consensus analyst target ~$112."
- [confirms] U.S. Securities and Exchange Commission (EN, filing, published 2026-02-25) https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm: "Product $2,218.4M, Service $4,581.2M; total revenue $6,799.6M, up 14% versus 2024."

### 디스트리뷰터 (Exclusive Networks·Arrow·Ingram Micro·TD Synnex) (high)
- metric: customer concentration 28%
- note: Substantially all revenue flows through channel partners (distributors and resellers). The largest distributor (A) accounted for 28% of FY2025 revenue (29% in FY24), B 15%, C 12%; distributor A alone held 32% of net accounts receivable — a channel concentration risk.
- [confirms] U.S. Securities and Exchange Commission (EN, filing, published 2026-02-25) https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm: "Distributors A 28%, B 15%, C 12% each accounted for 10%+ of revenue; one distributor held 32% of net accounts receivable at year-end 2025. Key technology distributors include Arrow Electronics, Exclusive, Ingram Micro and TD Synnex."
- [mentions] Infostock Daily (KO, news, published 2025-09-19) https://www.infostockdaily.co.kr/news/articleView.html?idxno=170330: "Fortinet maintains a clear share of the network-security market with its ASIC-based firewalls, sold primarily through channels."

Reverse side: https://valuechain.wiki/fortinet/suppliers.md · Ripple: https://valuechain.wiki/fortinet/ripple.md

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